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Thread: Premium of House Building Insurance from Income Tax

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    Member abhijitdas_rlikol is on a distinguished road
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    Default Premium of House Building Insurance from Income Tax

    Is the exemption of the premium of House Building Insurance from Income Tax. If yes, pl. specify which u/s of Income Tax.


    Abhijit Das
    9477117520

  2. #2
    Senior Member Victor is on a distinguished road
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    Quote Originally Posted by abhijitdas_rlikol View Post
    Is the exemption of the premium of House Building Insurance from Income Tax. If yes, pl. specify which u/s of Income Tax.


    Abhijit Das
    9477117520
    The principal component is exempt under Sec 80C of IT Act. Under 80C the total exemption for all investments put together is Rs. 1.50 lakh.

    The interest component is eligible for deduction from Income from House Property Head under Section 24 of IT Act. The limit in r/o self occupied property is rs. 2.00 lakh.

    Victor

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